Without my ramblings and in short, not yet, but this is a primary focus for the upcoming revisions.
At the present moment, it's just patch by patch updates. However, this doesn't solve updates for already installed versions, most updates are patching the script for future installs.
Tomorrow I am going to lay out a template however that will solve these issues and make updating much easier. I think aiming for a pre-installed executable, i.e; quickbox-update , would be the most efficient and less evil way to perform such tasks. The update script will be geared towards updating current installs, rather than focusing on updating the script.
The API will make this a much simpler task as it will inform users there is an update on their dashboard. The api then, being tied to the repo api, pulls the necessary patches for an already installed system. This will ensure ONLY QuickBox receives it's necessary updates as they are released, rather than attempting to systemically install all over again... which could potentially bork some setups.